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And Finally: Hegarty showshis metal in the courts

Former rebel shareholder is suing the subsidiary he now runs once more with a claim for about €150,000, however One51 disputes the amount

Aine Coffey

August 21 2011, 1:01am, The Sunday Times

Circulation of the Racing Post has been falling, but earnings rose in 2010

There is never a dull moment at One51, the company that ousted Philip Lynch as its chief executive this summer.

Just when it looked like we were facing a lull in proceedings until the company’s annual meeting in September, a One51 subsidiary has been hit with legal action by John Hegarty, a former rebel shareholder.

Hegarty, who sold his Hegarty Metals to One51 in 2007 and stayed on to run it, mustered shareholders who advertised millions of One51 shares for sale at €2 early last year.

The metal mogul was suspended from One51 in February 2010. After an internal investigation into alleged past business misconduct, One51 offered to reinstate him in November 2010 with a warning about what the company claimed were previous irregularities. Hegarty…

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